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Title:The liberalization of capital outflows in CIBS: What opportunities for other developing countries? PDF Logo
Authors:Gottschalk, Ricardo
Azevedo Sodre, Cecilia
Issue Date:2008
Series/Report no.:Research paper / UNU-WIDER 2008.68
Abstract:This paper examines the implications of the liberalization of capital outflows in China, India, Brazil, and South Africa (CIBS) for other developing countries. It focuses on their prospects of attracting not only foreign direct investment (FDI), but also portfolio capital flows from CIBS. To inform the discussion, two steps are taken: first, in order to identify the type of capital flows that might come from CIBS, the paper briefly describes capital account liberalization measures undertaken by CIBS to date and future intended liberalization. Second, it maps geographic distribution of outward FDI and foreign portfolio investment in the recent past, which are taken as possible predictors of future flows. The paper shows that portfolio investment goes mainly to OECD countries and offshore financial centres, and only a small share to developing countries. But, within developing countries, CIBS' neighbouring countries have shown a greater ability to attract this type of investment, compared with other developing countries.
Subjects:capital account liberalization
FDI
portfolio capital flows
south-south capital flows
developing countries
JEL:F21
F32
F37
G18
ISBN:978-92-9230-122-4
Document Type:Working Paper
Appears in Collections:WIDER Research Papers, United Nations University (UNU)

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